US: SEC drops Jones Soda probe
Jones Soda Co said today (29 October) that it has been advised that an informal investigation by the SEC into trading in the company's shares by some of its executives has ended and no action has been recommended.
Jones Soda said the investigation had been conducted by the staff of the San Francisco Regional Office of the US Securities and Exchange Commission. Jones was informed of the decision in a letter from the San Francisco Regional Office received on 25 October 2007.
Last month, Jones Soda was hit with two lawsuits claiming it failed in its plans to seize a sizeable share of the US canned soft drinks market.
Legal firms Schatz Nobel Izard and Federman & Sherwood said that they are seeking unspecified damages after the company was allegedly unable to deliver on promises it made to shareholders earlier this year.
Sectors: Soft drinks
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